Brokerages forecast that Patrick Industries, Inc. (NASDAQ:PATK) will post $0.93 earnings per share (EPS) for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Patrick Industries’ earnings, with estimates ranging from $0.91 to $0.94. Patrick Industries reported earnings of $0.79 per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 17.7%. The business is scheduled to issue its next quarterly earnings results on Thursday, October 26th.
On average, analysts expect that Patrick Industries will report full year earnings of $4.36 per share for the current financial year, with EPS estimates ranging from $4.30 to $4.40. For the next year, analysts expect that the company will report earnings of $4.77 per share, with EPS estimates ranging from $4.75 to $4.80. Zacks Investment Research’s EPS averages are an average based on a survey of research firms that follow Patrick Industries.
Patrick Industries (NASDAQ:PATK) last announced its quarterly earnings results on Thursday, July 27th. The construction company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.12. The business had revenue of $407.20 million for the quarter, compared to the consensus estimate of $384.54 million. Patrick Industries had a net margin of 4.66% and a return on equity of 26.46%. Patrick Industries’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period last year, the company posted $1.10 EPS.
Several research firms have issued reports on PATK. Zacks Investment Research lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Friday, August 25th. BidaskClub lowered Patrick Industries from a “buy” rating to a “hold” rating in a report on Saturday, July 8th. Finally, Wells Fargo & Company reissued a “market perform” rating and set a $75.00 price target (up previously from $72.00) on shares of Patrick Industries in a report on Monday, June 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Patrick Industries currently has a consensus rating of “Buy” and an average target price of $77.75.
Shares of Patrick Industries (PATK) traded up 1.73% during mid-day trading on Friday, hitting $73.55. 66,961 shares of the company were exchanged. Patrick Industries has a 12-month low of $50.80 and a 12-month high of $86.10. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of 17.98 and a beta of 0.91. The firm has a 50 day moving average of $72.71 and a 200 day moving average of $71.81.
In other news, Director Walter E. Wells sold 3,000 shares of the business’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $72.12, for a total value of $216,360.00. Following the transaction, the director now directly owns 44,240 shares in the company, valued at $3,190,588.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Todd M. Cleveland sold 1,435 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $74.47, for a total value of $106,864.45. Following the completion of the transaction, the chief executive officer now owns 390,792 shares in the company, valued at $29,102,280.24. The disclosure for this sale can be found here. Insiders sold 11,120 shares of company stock worth $821,440 over the last 90 days. Company insiders own 6.20% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. lifted its position in shares of Patrick Industries by 13.4% in the second quarter. Ameritas Investment Partners Inc. now owns 1,421 shares of the construction company’s stock valued at $104,000 after acquiring an additional 168 shares in the last quarter. Pinebridge Investments L.P. lifted its position in shares of Patrick Industries by 10.0% in the second quarter. Pinebridge Investments L.P. now owns 2,097 shares of the construction company’s stock valued at $153,000 after acquiring an additional 191 shares in the last quarter. Advisor Group Inc. lifted its position in shares of Patrick Industries by 12.1% in the second quarter. Advisor Group Inc. now owns 2,296 shares of the construction company’s stock valued at $168,000 after acquiring an additional 247 shares in the last quarter. Pacad Investment Ltd. lifted its position in shares of Patrick Industries by 76.9% in the second quarter. Pacad Investment Ltd. now owns 2,300 shares of the construction company’s stock valued at $168,000 after acquiring an additional 1,000 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Patrick Industries in the second quarter valued at about $202,000. Institutional investors and hedge funds own 89.83% of the company’s stock.
Patrick Industries Company Profile
Patrick Industries, Inc is a manufacturer of component products and distributor of building products and materials for the recreational vehicle (RV) and manufactured housing (MH) industrial markets for customers throughout the United States and Canada. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, office and household furniture, fixtures and commercial furnishings, marine, and other industrial markets.
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